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Spyre VC invests INR 3.5 crore in Spintly to drive PropTech innovation

#Proptech#India
Last Updated : 10th Jan, 2025
Synopsis

Spyre VC, India's first industry-backed PropTech venture capital fund, has invested INR 3.5 crore in Spintly, a leader in smart building solutions. With backing from major players like Accel India and CREDAI, Spyre VC aims to revolutionize India's PropTech sector. Spintly, which serves over 500 clients across 24 million square feet globally, plans to use the funding to expand its AI-driven technologies and strengthen ties with real estate developers. As the global smart building market surges towards USD 247.17 billion by 2032, this partnership highlights a transformative shift towards efficiency and sustainability in India's real estate landscape.

Spyre VC, India's first industry-backed PropTech venture capital fund, has announced a significant investment of INR 3.5 crore in Spintly, a frontrunner in access control and smart building solutions. The funding round saw the participation of Accel India, Chakra Growth Fund, Alumni Ventures, and Doctor Technology, among others, showcasing the confidence in Spintly's cutting-edge solutions and strategic vision.


Spintly's previous investors include Letsventure, Riso Capital, Sucseed Indovation, and Accel Nest. With a corpus of USD 50 million and a leadership team boasting over four decades of expertise in real estate, technology, and investment, Spyre VC is uniquely positioned to drive innovation in India's PropTech space. Additionally, Spyre VC's partnership with CREDAI, representing over 15,000 real estate developers, strengthens its ability to influence the sector meaningfully.

Commenting on the investment, Spyre VC's Operating Partner, Abhimanyu Bisht, emphasized the alignment of this deal with their mission to revolutionize PropTech. He highlighted that the collaboration with CREDAI extends beyond monetary support, enabling deeper integration with the real estate ecosystem.

Spintly's Co-Founder and CEO, Rohin Parkar, stated that this partnership would significantly enhance their ability to access and collaborate with India's real estate developers. The company, which has deployed solutions across 24 million square feet globally, serving over 500,000 users and 500 clients, aims to expand its global reach and advance its smart building technologies using AI and machine learning.

This strategic investment comes at an opportune time as the global access control market is projected to grow from USD 10.4 billion in 2023 to USD 15.2 billion by 2029, at a CAGR of 7.8%. Simultaneously, the global smart building market is expected to rise from USD 78.28 billion in 2022 to USD 247.17 billion by 2032, at a CAGR of 12.3%.

Spyre VC's maiden investment in Spintly signifies a bold step toward accelerating PropTech innovation in India. By leveraging advanced technologies, this collaboration promises to simplify and decarbonize the built environment, driving efficiency and sustainability in real estate. With robust industry backing, this partnership sets the stage for a transformative era in India's real estate landscape.

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